| Updated 12/16 for Wednesday's market. |  | ||||||||||||||||
Rally, At ResistanceDow rallies off lows, ends day at resistance.From prior commentary, "...look for the Dow to continue trending higher within the channel boundaries. An upside break through 10,100 will make for another wave higher within the channel's boundaries..." The Dow moved sharply higher off yesterday's lows this morning, leading to what resulted in a 107 point advance, seen in the 15 and 60 Minute Charts. The index ended the day at the session highs, but was not able to rise above resistance at 10,140. This will be the key level to watch for tomorrow's market. An upside break through the 10,140 resistance level will lead to news highs in the index. However, if the Dow cannot rise above this level, we will likely see another push lower within the month-long channel, seen in the 60 Minute Chart. A break below 10,100 will likely lead to such a move, down toward the lower boundary of the channel at around 10,000. Short Term Dow Short term, the Dow has formed a clear trend line beneath the lows of the late-day advance, seen in the 1 Minute Chart. Watch for continued upside movement above the line, unless a break of 1,0120 occurs. Such a break will lead to weakness at the Open. Medium Term Dow In the medium term, we entered the market Long today at 10,100 and are still in the position. We will continue to hold stops at the entry and will want to stay Long above 10,140. We will look to enter Shorts below 10,100, with 20 point stops. NASDAQ & S&P The NASDAQ showed weakness for half the session, but eventually pushed higher to the Close alongside the S&P and the Dow. The NASDAQ continues to trade within its wide range, while the S&P has formed a tighter range. Watch the boundaries for medium term direction. * Summary The Dow pushed steadily higher throughout the session today, taking a three-digit gain into the Close. The index is now holding at resistance at 10,140, which we will watch closely tomorrow. A break or bounce here will likely dictate tomorrow's direction. Thanks for listening, and Good luck in your trading.. Ed Downs with assistance from.. ** Note: We are now posting Index entries and exits in Real Time, through our new Intraday Index Alerts service. To learn more about the service, visit SignalWatch.com and select Intraday Alerts from the main navigation bar. - SW Team _________________________ |
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Dow Jones: Laeuft in Dreieck !
Beiträge:
8
Zugriffe: 611 / Heute: 2
Zugriffe: 611 / Heute: 2
Ziel dann: 10000 Punkte
seit gestern bei 10100 Punkten !
In the medium term, we entered the market Long today at 10,100 and are still in the position. We will continue to hold stops at the entry and will want to stay Long above 10,140. We will look to enter Shorts below 10,100, with 20 point stops
interessant... long ist trumpf!
| Updated 12/17 for Thursday's market. | | ||||||||||||||||
At ResistanceDow trades sideways, closes at 10,140 resistance.From prior commentary, "...The index ended the day at the session highs, but was not able to rise above resistance at 10,140. This will be the key level to watch for tomorrow's market..." The Dow traded quietly sideways beneath the key 10,140 resistance level throughout the session today. However, the index ended the day with a strong upmove, which caused a break of the 10,140 level late in the session, as seen in the 15 Minute Chart. This late-day break could lead to further upside movement within the tight channel toward the upper boundary of the range at about 10,200. If the Dow can continue to hold above the 1,0140 level, look for the index to push higher toward 10,200. If this level is hit, however, we could be vulnerable to a downside reversal off the upper boundary, which would caus another move lower witihin the channel boundaries, seen in the 60 Minute Chart. A downside break through 10,100 will likely confirm such a move. Short Term Dow Short term, the Dow ended the day just above the 10,140 resistance level, seen in the 5 Minute Chart. Use this level as a fulcrum for tomorrow's Open; Long above and Short below. Medium Term Dow In the medium term, we closed Longs at the entry today, giving us a breakeven trade. No other entries were triggered and we are now out of the market. We will want to enter Longs above 10,150, and Shorts below 10,100, with 20 point stops. We will use the Breakeven Rule if 10,200 is hit. NASDAQ & S&P The NASDAQ and S&P each traded sideways the entire session today, forming clearer boundaries of their respective ranges. Watch for a break from the ranges tomorrow. * Summary The Dow formed a tight consolidation at the highs beneath resistance at 10,140, but finally got an upside break from the range late in the day. Look for the index to push higher toward 10,200 if the Dow can hold above 10,140 tomorrow. Otherwise, a break below 10,100 will indicate weakness. Thanks for listening, and Good luck in your trading.. Ed Downs with assistance from.. ** Note: We are now posting Index entries and exits in Real Time, through our new Intraday Index Alerts service. To learn more about the service, visit SignalWatch.com and select Intraday Alerts from the main navigation bar. - SW Team _________________________ |
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